A surge in export revenues was among the achievements of Caribbean Flavours and Fragrances’ (CFF) year-end performance highlighted at the company’s annual general meeting (AGM) on Monday.
At its AGM held at the Terra Nova All Suite Hotel in Kingston, the company reported a 47 per cent year-over-year growth in export revenue and recorded a 16.9 per cent growth in its gross profit or $229.01 million.
Ian Kelly, Group CFO at Derrimon Trading Company, described CFF’s performance as “very good.”
CFF is a subsidiary of Derrimon Trading Limited (DTL) with the holding company owning 65 percent of the shares of CFF.
“We recorded top-line growth of our revenue and gross profit, demonstrating that we are profitably deepening our export footprints in current and new markets, and making strategic investments for the future.”
Kelly also disclosed that CFF is looking to soon achieve the Safe Quality Foods re-certification to enable the company to deepen its footprint across the Caribbean and internationally.
Looking ahead, CFF said it remains focused on developing new products from its state-of-the-art laboratory while sustaining its strong export efforts in 2023.
In collaboration with its holding company Derrimon, CFF is actively exploring opportunities to export cordials (fruit juice from concentrate) and other products to New York.
“The future is bright for CFF. We have quite a few things in the pipeline and once those come through we expect to have a significant breakthrough in several of our areas – flavours, fragrances and ingredients. We will continue to push with export and deeper penetrate the local market, CFF managing director Derrick Cottrell said.
From L to R: Carlton Samuels, non-executive director of Caribbean Flavours and Fragrances, Anand James, executive director of Caribbean Flavours and Fragrances, Derrick Cottrell, managing director of Caribbean Flavours and Fragrances and Group CEO and chairman, Derrimon Trading Limited and Ian Kelly, Group CFO, Derrimon Trading Limited at the 2023 CFF Annual General Meeting.
Simultaneously, CFF outlined that it recorded a reduction in profits for the year, with net profit totalling $70.7 million in 2022, a decrease of 20 per cent when compared to the $88.5 million reported in 2021.
CFF chairman Howard Mitchell cited “a surge in inflation, local interest rates and price increases, especially in the commodities market and finished goods space” as some of the factors affecting the performance.
CFF’s asset base grew by 4.43 per cent to $757.45 million and saw an increase in shareholders’ equity by 7.48 per cent to $563.85 million.